ScS sees shares tumble after Brexit and weather warning
Shares in ScS fell by almost 10% in initial trading this morning after it warned that orders since the end of July had been hit by Brexit concerns and the hot weather.
Shares fell by 9.3% from 232.7p to 211p, before recovering to 219p at the time of writing.
‘Since the start of the current financial year, trading conditions have been more challenging, with like-for-like order intake falling 7.6% for the period from 28 July to 29 September. This period was impacted by the record temperatures experienced by the UK across the August bank holiday weekend and the increasing political and economic uncertainty we are currently facing in the UK,’ says David Knight, ScS chief executive.
‘We remain conscious of the impending Brexit deadline, and the impact this may have on the market, consumer confidence and the wider economy. However, the group's financial health has never been as strong and with our resilient, debt-free balance sheet, we are in a good position to manage the ongoing uncertainty, and furthermore seek opportunities which will add value in the longer term.’
Last week DFS warned that recent trading had been ‘subdued’ over Brexit concerns and the slow housing market.